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  #121  
Old 13.04.2011, 20:06
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Re: What has the banker become?

I don't understand all this clever financial stuff. I just know that my money is easier to get at out of the cash machine at Bellevue than it would be if I stuffed it under my mattress.

What I'd like to know, however, is why bankers bray. You know what I mean, I'm sure: you're sitting in a bar or cafe, there are a load of bankers sitting at a nearby table quaffing beer like it's 1929, disturbing the peace of everyone's fyrabigbierlis (I'd translate that if I could), braying like a herd of donkeys at a Spanish street party.

Plumbers don't bray. Architects don't bray. Farmers don't bray. As far as I can see, only bankers bray.

Do they teach them how to do that when they do their MBAs?
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  #122  
Old 13.04.2011, 20:10
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Re: What has the banker become?

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I don't understand all this clever financial stuff. I just know that my money is easier to get at out of the cash machine at Bellevue than it would be if I stuffed it under my mattress.

What I'd like to know, however, is why bankers bray. You know what I mean, I'm sure: you're sitting in a bar or cafe, there are a load of bankers sitting at a nearby table quaffing beer like it's 1929, disturbing the peace of everyone's fyrabigbierlis (I'd translate that if I could), braying like a herd of donkeys at a Spanish street party.

Plumbers don't bray. Architects don't bray. Farmers don't bray. As far as I can see, only bankers bray.

Do they teach them how to do that when they do their MBAs?
Bankers, and to a lesser extent everyone else, protect their positions by convincing others that they're cleverer than everyone else and know their stuff more and better. Fine, but this subterfuge slowly seeps back into the brain and they actually believe their own hype. This results in braying. But it's the same (although again, to a lesser extent) with teachers (we're changing peoples lives don't you know) and doctors (just stepped off the plane from Florida, completed another Acyclovir clinical trial, load of bollocks if you ask me bray bray bray) and really everyone else.
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  #123  
Old 13.04.2011, 20:13
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Re: What has the banker become?

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...with teachers ...
I beg your pardon...



I don't bray. What is it, by the way?
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  #124  
Old 13.04.2011, 20:27
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Re: What has the banker become?

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I beg your pardon...



I don't bray. What is it, by the way?
It's a bit like this

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  #125  
Old 13.04.2011, 20:37
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Re: What has the banker become?

The braying laugh of the orange in this video is pretty accurate.
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  #126  
Old 13.04.2011, 22:28
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Re: What has the banker become?

A lot is talked about meritocracy in banks. But at the end of the day itís the brand and reputation of the bank that opens doors for business. Bankers trumpetting their own contribution often forget that. And nowhere else since medieval times is nepotism - the system of patronage - so alive and kicking, outside the world of politics that is. But then again there's more politics going on in your average investment bank than most governments.

We all know banks screwed up. But the fault wasnít with the rank and file - so don't blame them. They just did what they were told and had no view of the big picture. It was a very small number of senior mangers at the top plus their independant board members who were steering the bus and should've seen which way things were headed.

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IMO, it attracts some of the world's dumbest people.
It certainly attracts a minority of some of the nastiest people Iíve come across. I mean, over the years, Iíve worked with some truly horrible specimens of the human race, the likes of which Iíve never come across outside of the banking world.

I don't think bankers are any dumber or smarter than professionals in any other service sector. Investment bankers sell a product, deliver a service or manage a customer relationship. If you have an aptitude for it, itís really not difficult once youíve got a bit of experience under your belt.

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[COLOR=black][FONT=Verdana] If money is paid for working long hours and stress maybe the bankers should spare a thought for the IT guys that not only write and maintain the systems that allow you to earn your "hard earned" money. When last did you call up one of your many IT support guys and say thanks for keeping me trading? You can often do it at 2a.m. because they are probably still at their desks.
Very true. Without the infrastructure that goes into supporting them, many traders would produce very little and most traders show little gratitude.

I can only speak for myself and the IT guys who have supported me over the years. Iíve seen IT programmers who build trading systems have a better understanding of derivative products and risk than some of the traders who use them. They have to in order for the systems to work. In fact the IT department is a fertile recruting ground for new trading desk talent.
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  #127  
Old 13.04.2011, 23:47
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Re: What has the banker become?

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I'm trying hard to think of another profession where one can get away with losing millions of dollars of someone elses money with relative impunity and even collect an eye-watering bonus after the fact.
I think Berlusconi could give you some clues on another profession with similar activities?
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  #128  
Old 13.04.2011, 23:48
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Re: What has the banker become?

Sorry but you are just offering evidence to support Nev's point.... When banks set up and fund such activities, it is the executive management and the board who are to blame. The staff (who are undoubtedly pursuing unethical and probably even illegal activities) are really just trying to feed their kids.

The politician/regulator/fat-cat-banker nexus makes sure that such activities rarely see the light of day. If they are somehow brought to the attention of the public, the banks usually pay a small 'slap-on-the-wrist' fine without admitting guilt, and life carries on...

Search for news about Gary Aguirre, a former SEC official who was fired after he tried to interview John Mack (then CEO of Morgan Stanley) in an insider-trading case.
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  #129  
Old 13.04.2011, 23:58
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Re: What has the banker become?

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I think it is easy to discount the general persons hatred of millionaire banker lifestyle as envy, and jealousy plays a big part in this, I for one have felt the rough edge of another’s jealousy, and also have been jealous of others, but on the whole jealousy is a rather basic emotion, rooted in wanting the best for ones self and discarding the needs of others.

I think everybody can see the crime in a fat cat lighting his Cuban cigars from a $1000 note while the poor starve to death, this of course is an extreme example, but waste of money is the real crime, it is perfectly possible for everyone on this planet to be fed clothed and content if the wealth was shared, any reasonable person would accept not being fabulously rich if they could see that their own excess, surplice to requirement wealth went towards preventing 10 African children dying in horrendous conditions.
About " it is perfectly possible for everyone on this planet to be fed clothed and content if the wealth was shared" - this, of cours,e is the basis for Socialism but I do not know of any socialist government that has managed to achieve for its populace to be "fed, clothed and content " by wealth sharing.

I think it was Maggie Thatcher who said "Socialism works well until they run out of other people's money".
The trick is to do wealth generation, not wealth sharing.
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  #130  
Old 14.04.2011, 00:02
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Re: What has the banker become?

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I think Berlusconi could give you some clues on another profession with similar activities?
I would suggest that not all Berlusconi's activities are exactly above board.

Are you really suggesting that bankers are on a par with him?

Think carefully before answering...
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  #131  
Old 14.04.2011, 00:40
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Re: What has the banker become?

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When banks set up and fund such activities, it is the executive management and the board who are to blame. The staff (who are undoubtedly pursuing unethical and probably even illegal activities) are really just trying to feed their kids.
Well thank you for the absolution.
But unfortunately the question whose responsibility it was isn't that clear cut, a lot of things wouldn't had to be done. Often it was a free and convinced decision of some employees who were after some personal gain.
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  #132  
Old 14.04.2011, 08:17
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Re: What has the banker become?

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I would suggest that not all Berlusconi's activities are exactly above board.

Are you really suggesting that bankers are on a par with him?

Think carefully before answering...
The difference, as far as I can see, is Berlusconi had his way with a *few* women. Bankers on the other hand did/do not discriminate, they screw/screwed pretty much everybody.
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  #133  
Old 14.04.2011, 08:37
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Re: What has the banker become?

I'm not going to dispute your experiences. And without precise details of what you were up to it's impossible to comment. I don't know where you worked but all I can say is the deliberate and intentional breach of regulations would result in immediate dismissal at any investment bank I've worked at, loss of benefits and a voluntary reporting to the bank's local regulator by the Compliance department.

Don't get me wrong, banks push the edge of the envelope all the time. And some people cross the line from time to time, sometimes intentionally and sometimes unintentionally through carelessness. But operating within regulations is taken very seriously, with a policy of zero tolerance within the industry at large for people who don't. "I was only obeying orders" would be no defence under the bank's own internal code of conduct. It wouldn't wash with the regulators either.
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  #134  
Old 14.04.2011, 09:30
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Re: What has the banker become?

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I'm not going to dispute your experiences. And without precise details of what you were up to it's impossible to comment. I don't know where you worked but all I can say is the deliberate and intentional breach of regulations would result in immediate dismissal at any investment bank I've worked at, loss of benefits and a voluntary reporting to the bank's local regulator by the Compliance department.

Don't get me wrong, banks push the edge of the envelope all the time. And some people cross the line from time to time, sometimes intentionally and sometimes unintentionally through carelessness. But operating within regulations is taken very seriously, with a policy of zero tolerance within the industry at large for people who don't. "I was only obeying orders" would be no defence under the bank's own internal code of conduct. It wouldn't wash with the regulators either.
I reckon that depends on the offendor. A humble trader is out, a board member is reminded of his responsabilities
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  #135  
Old 14.04.2011, 09:59
Nev
 
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Re: What has the banker become?

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I reckon that depends on the offendor. A humble trader is out, a board member is reminded of his responsabilities
It happens across the spectrum. Whether the public gets to hear about it depends often on whether a crime has been committed. If the regulations fall under civil law and not criminal law - ie there's been no fraud, stealing, money laundering etc - the cases often don't hit the headlines. "Leaving to pursue personal interests" covers a multitude of sins.

If people don't think the laws hold senior directors and board members responsible enough, and I happen to think they don't, then the laws should be changed. That's a different question.
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